Chinese economy in stable recovery

By Lu Ya’nan, People’s Daily

China has maintained stable economic recovery as a series of stimulus packages and follow-up measures took effect.

New impetus for economic development played a more important role as the industrial structure continuously optimized. Demand for consumption, investments, and exports all increased steadily. The economic recovery is gaining momentum.

According to the figures released by National Bureau of Statistics (NBS) on Oct. 24, China’s GDP grew by 3 percent year on year in the first three quarters of this year. In particular, the third-quarter growth stood at 3.9 percent, up 3.5 percentage points from that in the April-June period.

In general, the Chinese economy saw major economic indicators recover despite negative impacts from unexpected factors. The real economy maintained stable development; economic recovery stayed in positive territory; consumer prices grew mildly; employment remained stable.

In the first nine months of this year, the added value of the secondary industry accounted for 40.2 percent of the country’s GDP, up 1.1 percentage points from a year ago.

The consumer price index grew 2 percent year on year in the same period, 0.3 percentage points higher than the first-half growth and making a sharp contrast to the high inflation currently prevalent in many places around the world.

China’s surveyed urban unemployment rate in the first three quarters averaged 5.6 percent. That in the third quarter was 5.4 percent, 0.4 percentage points lower from the second quarter.

Both secondary and tertiary industries recovered in the third quarter as a series of stimulus packages and follow-up measures to bolster the economy took effect.

Industrial and supply chains of the secondary industry were stabilized.

In the third quarter, the value-added industrial output reported by enterprises above the designated size, or those with annual revenue from principal business of at least 20 million yuan ($2.75 million), increased 4.8 percent year on year, up 4.1 percentage points from the second quarter, with the growth accelerating month by month.

Twenty-three provincial-level regions reported faster growth, narrowed decrease, or a rebound in the growth of the value-added industrial output of enterprises above the designated size from the second quarter. The rebound rate reached 74.2 percent.

The capacity utilization in the automobile manufacturing industry, in particular, reached 75.7 percent in the third quarter, up 6.6 percentage points from the previous quarter, thanks to the rapid recovery of the sector’s industrial and supply chains.

The year-on-year growth rate of value-added output turned from a 7.6 percent decline in the second quarter to a significant increase of 25.4 percent. In the July-September period, the production of new energy vehicles surged 113.1 percent, 20.8 percentage points higher than that in the second quarter.

The service industry saw improved performance.

In the third quarter, China’s service production index expanded 1.2 percent year on year, up 4.5 percentage points from the second quarter. In particular, wholesales and retailing, transport, warehousing and postal services, as well as accommodation and catering sectors all leaped from negative to positive growth.

In September, the index for business activities in the productive service sector had been within the high expansion range for four consecutive months. The business activity indexes of postal services, telecommunication, radio and television and satellite transmission, as well as monetary and financial services were all above 60 percent.

The industrial structure continues to optimize as the production recovery.

In the third quarter, the value added of the high-tech manufacturing sector increased 6.7 percent year on year, 1.9 percentage points higher than the average of industries above the designated size nationally.

New energy and new material products maintained high-speed growth. The production of ultra-clear textured solar glass and polycrystalline silicon surged by 83.2 percent and 56.1 percent, respectively.

As frontier technologies are increasingly applied in the service sector, new consumption models are created, making new impetus for the development of the sector.

China’s economic recovery enjoys robust momentum. Rapid growth was observed in exports, which makes foreign trade resilient; residents’ demand for high-quality and green commodities rose gradually; construction of major projects was accelerated, expanding effective investment.

In the first three quarters, exports of goods and services, final consumption expenditure and gross capital formation contributed 32 percent, 41.3 percent and 26.7 percent to China’s total economic growth, driving the country’s GDP to grow 1 percentage point, 1.2 percentage points and 0.8 percentage points, respectively.

Despite the improvement in key economic indicators, China will make a big push to implement existing policy measures to consolidate the foundation for economic recovery, the NBS said.

CPC’s governance experience is worth learning from

By Mariano Sabino Lopes

The Communist Party of China (CPC) has led the Chinese people to make remarkable achievements since the 18th CPC National Congress in 2012.

China has accomplished building a moderately prosperous society in all respects, achieving its First Centenary Goal. It has further consolidated its position as the world’s second largest economy. The Chinese economy is now the most powerful engine driving global growth.

Through continuous efforts, the country has reached its poverty reduction target as scheduled. The final 98.99 million impoverished rural residents in China have all been lifted out of poverty.

China has deepened the supply-side structural reform and optimized its economic structure. It sees prospering development of the digital economy and other emerging businesses.

A series of major scientific and technological results have been launched, and the country’s door of opening up is now opening wider with a continuously improving business environment.

Facts prove that China’s efforts to promote high-quality economic development have created huge benefits for the Chinese people.

The CPC’s governance experience is worth learning from for political parties in other countries. The book “Xi Jinping: The Governance of China” presents the CPC’s governance philosophy and strategies in the new era, which is important for the international society to recognize and understand China’s development philosophy, path, and policies. It is a must-read book for the international society in terms of understanding modern China and seeking Chinese experiences. I’m very much impressed by how the book deliberates on China’s people-centered development philosophy.

The world is going through profound changes. However, the pursuit of peaceful development and win-win cooperation still remains the mainstream of the world. China’s active efforts to build a community with a shared future for mankind are in line with the trend of global development and the direction of human progress. It will definitely benefit all parties relevant.

As an important platform for building a community with a shared future for mankind, the Belt and Road Initiative (BRI) champions open cooperation and shares development opportunities and achievements. It is conducive to the economic and social development of participating countries.

I was invited to attend the CPC in Dialogue with World Political Parties High-Level Meeting. The CPC holds that political parties in various countries should strengthen mutual trust, dialogue, and coordination. On the basis of a new form of international relations, they should explore the building of a new type of party-to-party relations that seeks to expand common ground while reserving differences and enhances mutual respect and mutual learning, and they should build a multi-form, multi-level international network for party-to-party exchanges and cooperation.

The CPC is committed to enhancing communication with political parties in other countries, which is conducive to maintaining the stability of the world and achieving common development.

Timor-Leste and China have a profound friendship. Their relations are developing healthily. The Democratic Party in Timor-Leste is willing to enhance dialogue and exchanges with the CPC and play a more active role in bilateral cooperation to constantly elevate the two countries’ comprehensive partnership of good-neighborly friendship, mutual trust, and mutual benefit to new levels.

Profile: Xi Jinping leads China on new journey

   After 10 years at the helm of the Communist Party of China (CPC), Xi Jinping, 69, once again stood in front of reporters as the Party’s top leader, vowing to lead the country to pursue national rejuvenation through a Chinese path to modernization.

   “We shall keep in mind the Party’s nature and purpose and our own mission and responsibility, and work diligently in the performance of our duty, to prove worthy of the great trust of the Party and our people,” Xi said on Oct. 23, as he led his colleagues to meet the press, fresh from a Party plenum that elected him general secretary of the CPC Central Committee.

   In 2012, after assuming the Party’s top job, Xi said that he and his colleagues would lead the CPC in striving for national rejuvenation, pursuing a better life for the people, and addressing problems within the Party.

   In the past decade, China under his leadership has witnessed historic changes, with its economy more than doubling to 114 trillion yuan (16 trillion U.S. dollars), absolute poverty wiped out and moderate prosperity attained for the country’s 1.4 billion people.

   It was also a decade of severe challenges. The COVID-19 pandemic, a trade war with the United States and the downward pressure on the economy all posed hurdles for China’s development and tested the strength of Xi and the Party he leads.

   Bringing about milestone transformations and ushering in a “new era” for socialism with Chinese characteristics, Xi is regarded as the helmsman capable of leading the country in overcoming difficulties and pursuing full modernization.

   SON OF LOESS PLATEAU

   Xi Jinping was born in June 1953 into a revolutionary family. His father, Xi Zhongxun, was a revered CPC leader. Describing his father as “someone who had devoted himself wholeheartedly to the Chinese people,” Xi Jinping said he was greatly inspired by the elder Xi and had pledged to follow in his footsteps.

   At 15, as an “educated youth,” Xi left Beijing for a village called Liangjiahe in an arid part of northwest China’s Shaanxi Province. He would later spend seven years in the countryside, working and living alongside farmers.

   He joined the CPC there and later became the village Party chief — the beginning of his political career. Xi recalled his earnest wish then was “to make it possible for the villagers to have meat and have it often.” He led them to dig wells, build dams, terrace hills and set up the province’s first methane-generating pit.

   Xi said he gained his understanding of the meaning of the word “people” through his experience in Liangjiahe, and it strengthened his determination to “serve the people” — a principle he has adhered to over the decades.

   In the late 1970s, after graduating from Tsinghua University, Xi served as a secretary to the minister of defense. In 1982, he volunteered to work at the grassroots level and moved to Zhengding, a poor county in north China’s Hebei Province. Peng Liyuan, his wife, later said that many of Xi’s classmates went abroad and he could have just done the same. But Xi stayed and chose a much harder path — to be a servant to the people.

Xi Jinping, then secretary of the CPC Zhengding County Committee, listens to opinions of villagers in Zhengding County, north China’s Hebei Province, in 1983. (Xinhua)

   In his three years in Zhengding, where Xi served as deputy Party chief and then Party chief, Xi rode bicycles to all the communes and production teams of the county to inspect work. Sometimes, he arrived when villagers were tilling the fields. He would join them and do the farm work.

   Then he spent over 17 years in Fujian Province and nearly five years in Zhejiang Province. He served multiple roles in the two coastal provinces including vice mayor, prefecture Party chief, municipal Party chief, provincial governor, and provincial Party chief. In 2007, he worked in Shanghai as its Party chief before ascending to the Standing Committee of the Political Bureau of the CPC Central Committee.

   Xi kept a close bond with the people wherever he worked, even after he was promoted to work at the apex of the Party. Xi has made it a tradition to visit the homes of the people ahead of every Spring Festival. Xi’s early-year experience of hunger and toiling on the farms may help explain why he would check the kitchen, bathroom and cellar in ordinary people’s homes.

   In 2013, Xi initiated a “targeted poverty alleviation” drive and made plans for its implementation. Altogether, over 255,000 work teams and more than 3 million cadres were sent to the countryside to help villagers shake off poverty household by household. About 100 million people were lifted out of extreme poverty in the past decade.

   In Xi’s words, all he did is essentially for the betterment of the people.In the past decade, Chinese people’s wealth grew steadily. In 2021, the per capita disposable income of the Chinese reached 35,128 yuan, growing nearly 80 percent from 2012. The urban-rural income ratio was narrowed to 2.5:1.

Xi Jinping talks with villagers in Shibadong Village in central China’s Hunan Province, Nov. 3, 2013. (Xinhua/Lan Hongguang)

   The Party and the government enjoy good ratings. A Harvard University survey found that Chinese citizens’ satisfaction with the government has increased across the board, with the central authorities receiving the highest level of approval at 93 percent.

   FOR A STRONG CHINA

   Xi inherited a mission to achieve China’s modernity, which had been dreamed of and fought for by generations of Chinese people.

   Ten years ago, when Xi ascended to the Party’s top post, China was already the world’s second-largest economy and top manufacturer. But the economy faced increasing downward pressure. Other tough issues also needed to be resolved, such as corruption, pollution and the rich-poor income gap, all posing grave challenges to the Party.

   All eyes were on Xi. People expected him to bring real changes. And changes must begin from the Party itself. Xi said it takes a good blacksmith to forge good steel, calling for the self-reform of the Party and “full and rigorous” self-governance. He unleashed the largest anti-corruption campaign in the Party’s history.

   Xi considers the Party’s overall leadership the key to building China into a great modern socialist country.Observers said Xi has played a key role in reshaping the CPC. Liu Jingbei, a professor at the China Executive Leadership Academy in Pudong, said Xi reversed the trend that the Party’s leadership was being weakened and marginalized in some localities and departments.

   Xi has fostered the concept of “whole-process people’s democracy,” calling for greater efforts to develop socialist democracy.

   The law-based governance in all fields Xi advances is considered a profound revolution in governance. In the past decade, China’s national legislature adopted 70 laws and revised 238 laws. Many of the legislations are groundbreaking, including the Civil Code adopted in 2020 and the Foreign Investment Law adopted in 2019, which is the basic law governing foreign direct investment in the country promoting the high-level liberalization and facilitation of foreign investment.

   These efforts have helped create more favorable conditions for development. Xi personally chairs a number of central commissions to strengthen the Party’s leadership over economic work as well as reform and opening up.

   Since the third plenum of the 18th CPC Central Committee in 2013, more than 2,000 reform plans have been implemented, covering almost every aspect of economic, political, social and cultural undertakings as well as people’s everyday life.

   Xi has put forward a new development philosophy that promotes innovative, coordinated, green, open and inclusive development for all. Peter Koenig, a former senior economist at the World Bank, said the new development philosophy is probably the core of what has been named “Xiconomics.”

   Under Xi’s leadership, China has consolidated its position as the world’s second-largest economy. In the past decade, the share of China’s GDP in the global economy grew from 11.3 percent to 18.5 percent. On average, the Chinese economy contributed more than 30 percent of global economic growth in recent years.

   Stressing a people-centered approach to development, Xi rolled out a slew of policies that bring tangible benefits to the people. China has established the world’s largest social security system, with 1.04 billion people covered by basic old-age insurance and 95 percent of the population covered by basic medical insurance. 

   Xi has placed common prosperity on agenda. He said this is the essential requirement of socialism. Xi’s common prosperity drive aims to narrow the rich-poor gap, address the regional and industrial disparity, and improve both the material and cultural-ethical life of the people, thus achieving balanced development and social equality.

   In the past decade, China witnessed holistic and historic improvements in environmental protection.

Xi declared at a virtual UN gathering that China will strive to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. He instructed imposing a 10-year fishing ban in the Yangtze River. Every river in China now also has a river chief, in charge of its ecological protection. Endangered species such as giant pandas, Tibetan antelopes and snow leopards have been brought back from the brink of extinction.

   Xi led the nation to engage in an unprecedented fight against pollution. Years of tenacious efforts paid off. A report by the University of Chicago’s Energy Policy Institute said the density of harmful particulates in the air in China fell 40 percent between 2013 and 2020. If sustained, this would add about two years to the average life expectancy of Chinese citizens, it said.

   Xi places sci-tech innovation at the core of overall national development and issued the call to build greater scientific and technological strength. He visited satellite launching sites, chip labs and high-speed train workshops to learn the latest sci-tech development. “You can’t ask, buy, or beg for core technologies in key fields from other countries. They must be kept firmly in our own hands,” Xi said.

   China’s ranking in the Global Innovation Index, released by the World Intellectual Property Organization, rose from 34th place in 2012 to 11th place in 2022.

Xi Jinping boards the aircraft carrier Shandong and reviews the guard of honor at a naval port in Sanya, south China’s Hainan Province, Dec. 17, 2019.  (Xinhua/Li Gang)

   Xi has close ties with the military and knows its operations well. He initiated the earth-shattering military reform, in a bid to build the People’s Liberation Army into world-class armed forces.Over the past decade, China unveiled two homegrown aircraft carriers. The fifth-generation stealth fighter aircraft, J-20, was commissioned. China also took the lead in hypersonic weapon research.

   Media outlets described Xi as the leader who is making China strong. They said he has solved a great number of problems that had long gone unsolved and secured many accomplishments of major significance for the future.

   In October 2017, Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era was officially instituted at the 19th CPC National Congress as a guiding principle. The thought was enshrined in the CPC Constitution and China’s Constitution.

   David Ferguson, who edited the English translation of four volumes of “Xi Jinping: The Governance of China,” said poverty alleviation, the Belt and Road, and the environmental cleanup all fit in Xi’s thought and they fit at the grassroots level where ideas become action, driving the historic changes over the past decade.

   In 2016, Xi’s core position on the Party Central Committee and in the whole Party was established at the sixth plenum of the 18th CPC Central Committee.

“To me, this means responsibility,” Xi said, pledging to devote all his time and energy to the job so that he can live up to the trust the Party and the people place in him.

   In 2021, the Party’s third historical resolution says Xi’s core position and the guiding role of Xi’s thought are of decisive significance for driving forward the historic process of national rejuvenation.

   A TOUGH MAN WITH A TENDER HEART

   Xi has a strong track record as a crisis manager. Battle-hardened by years of handling tough situations, Xi has the experience, courage and tenacity needed to cope with the tests and challenges China faces today.

   While working in the coastal regions of Fujian, Zhejiang and Shanghai, Xi led local response efforts to multiple powerful typhoons. During these instances, he would spend whole nights overseeing the evacuation in an effort to minimize casualties and damage.

   When he served as vice president of China, Xi oversaw the preparations for Beijing 2008 Olympics and Paralympics, which were made under tremendous pressure in a year overshadowed by the devastating Wenchuan earthquake and the riots in Lhasa. Yet Beijing 2008 has been remembered as one of the best Games in history. Nearly 14 years later, under Xi’s leadership, China presented the world a streamlined, safe and splendid Winter Games despite COVID-19 and the so-called “diplomatic boycott” by some Western countries.

   He says that China in the new era is faced with more challenges and uncertainties. “We must be prepared to carry out a great struggle with many new historical features,”he said.

   In response to severe situations in Hong Kong, Xi rolled out a package of measures to ensure that the central government exercises overall jurisdiction over Hong Kong and the city is administered by patriots.

   Xi met with Ma Ying-jeou in Singapore in 2015, marking the first meeting between the leaders of the two sides of the Taiwan Strait since 1949. The cross-Strait relations deteriorated after the Democratic Progressive Party came to power in Taiwan in 2016. Xi has proposed a series of measures, including a “two systems” solution to the Taiwan question, to “maintain the initiative and the ability to steer in cross-Strait relations.”

   In August 2022, in disregard of China’s stern warning, U.S. House Speaker Nancy Pelosi went ahead with her visit to Taiwan, causing escalating tensions across the Taiwan Strait. The PLA conducted joint combat training exercises of an unprecedented scale around the Taiwan Island, effectively deterring “Taiwan independence” separatist forces and foreign interference. 

   Xi has likened China’s COVID-19 fight to a war. Under his leadership, China has led the world in getting COVID-19 under control and restarting work and production. After the severe outbreak in Wuhan and Hubei was brought under control, Xi has led China in implementing a dynamic zero-COVID policy, maintaining the country’s COVID-19 infection and fatality rates at a very low level.

   Given its huge population, if China adopted such prevention and control policies as herd immunity or a hands-off approach, the consequences would be unimaginable, Xi said.

   Handling China-U.S. relations was one of Xi’s priorities in the past decade. When the United States initiated a trade war against China, he devised the strategy that China does not want a trade war but is not afraid of one and will fight one if necessary.

   In his meetings with former U.S. President Donald Trump and incumbent U.S. President Joe Biden, Xi said that China and the United States should not fall into a so-called trap of conflict and confrontation, and cooperation is the best option.

   A tough man in the face of challenges and crises, Xi also has a tender side. He wrote letters replying to American people, including young students. He hoped that the students would become young ambassadors for the friendship between the Chinese and American peoples.

   Xi is open to diverse opinions and even criticism. During his tenure as a county Party chief, he received a letter from a young man who criticized the county’s work in boosting the production of commercial goods. Without being offended by the criticism, Xi acknowledged the young man’s talent and decided to send people to interview him for a potential job. As the Party’s top official, Xi also stressed that criticism and objections are allowed in intra-Party discussions and the decision-making process. 

   He likes making friends with intellectuals, writers and artists. When he was a county official in Hebei, he enjoyed many inspirational discussions with the writer Jia Dashan. Sometimes, the two would meet in Xi’s office and talk well into the night, only to find themselves locked in the compound.

   Xi is an avid sports fan. He enjoys football, ice hockey, boxing and swimming, often taking time out of his busy schedule to swim. He uses sports to learn how to deal with challenges. Just as athletes focus on cooperation during great football matches, we should focus more on cooperation than on individual skill, Xi once told cadres who were in charge of economic work.

   STRIVING FOR A BETTER WORLD

   As a young man, Xi was already fascinated by the rich diversity of the world. In rural Shaanxi, he devoured literary classics of the world, such as Faust and William Shakespeare’s plays. He read Das Kapital three times; his reflections on the book filled 18 notebooks. “Marxism, though wide-ranging and profound, can be summed up in a sentence — the pursuit of the emancipation of humankind,” he later observed.

   All the early reflections on the world and mankind have contributed to “a community with a shared future for humanity,” a vision Xi raised in 2013.

   “Mankind, by living in the same global village in the same era where history and reality meet, has increasingly emerged as a community of common destiny in which everyone has in himself a little bit of others,” Xi said.

In 1985, Xi, then a county-level official, traveled as part of a Chinese delegation to the United States on an agricultural research trip. He was accommodated in a homestay in rural Iowa, sleeping in the bedroom of his host family’s son, who was at college at the time. The room was decorated with novelties such as “Star Trek” action figures.

   Recalling this trip to the United States nearly three decades later, Xi said the Chinese and American peoples have many things in common, and can become good friends and partners for mutually beneficial cooperation.

   Xi has visited the United States eight times. He was the first Chinese leader to watch an NBA game in a U.S. arena. When visiting Cuba, he paid a special visit to the breakwater in Cojimar where Hemingway wrote “The Old Man and the Sea,” and dropped by the bar Hemingway frequented to order a mojito.

   Xi and Russian President Vladimir Putin have had approximately 40 meetings since 2013, charting the course of bilateral ties. Bilateral trade has increased from 88.1 billion U.S. dollars in 2012 to 146.8 billion U.S. dollars in 2021. The two countries have cooperated on major energy projects such as the eastern route of the China-Russia natural gas pipeline. They have also launched cooperation in such frontier fields as the International Lunar Research Station project.

   Xi advocates for the creation of a new model for relations between major countries. “One cannot live in the 21st century with outdated thinking from the age of the Cold War and zero-sum games,” Xi said.

   Xi cherishes China’s friendships with other developing countries. At meetings with African leaders, he has announced a series of initiatives for pragmatic cooperation. Xi has urged BRICS countries and other emerging economies to pursue openness and innovation.

Xi Jinping delivers a keynote speech at the opening plenary of the 2017 annual meeting of the World Economic Forum in Davos, Switzerland, Jan. 17, 2017. (Xinhua/Lan Hongguang)

Xi said China is a “peaceful, amiable and civilized lion,” and a “big guy,” but not “Mephisto.””All countries are welcome to get on board the express train of China’s development.”

   According to Xi, China is always a builder of world peace. “Only when we all cherish and uphold peace and never forget the painful lessons of war can there be the hope of peace,” he said.

   Since the COVID-19 pandemic, Xi has engaged in intensive “cloud diplomacy.” In 2021, he had more than 100 diplomatic activities conducted via phone, letter or video link. China has sent anti-virus supplies to more than 150 countries, and its homegrown vaccines — a global public good as was promised by Xi — reached many places around the world.

   An even greater global public good is the Belt and Road Initiative proposed by Xi. About three-quarters of the countries in the world have signed cooperation documents with China to jointly build the Belt and Road.

   Xi is seen as a key figure in pushing forward some initiatives and measures for dealing with global issues, climate change included.

   “Had it not been for President Xi Jinping’s initiative, we would not have the Paris Agreement. Not even now,” said Ban Ki-moon, former secretary-general of the United Nations.

   Xi said China has the ability and responsibility to play a bigger role in global affairs.

   China has a wonderful opportunity to take on the leadership role in the respect of creating a shared future, said British sociologist Martin Albrow. “This isn’t leadership in a military sense. This is leadership in a moral and value sense.”

   NEW MODEL OF CIVILIZATION

   “Our understanding of time is measured in centuries or millennia,” Xi said.

   He draws strength from history and China’s fine traditional culture to govern China and lead the country toward modernization.

   An avid reader of history books from a young age, Xi told officials to have a “historical perspective” when they think and make decisions.

   Xi praised China’s fine traditional culture as the “root and soul” of the Chinese nation.

   Xi has stressed confidence in four spheres: in the path, theory, system and culture of socialism with Chinese characteristics. Among the four, confidence in one’s culture is a broader, deeper and more fundamental form of self-confidence, he said.

   “China is not just a nation state, it is a civilization state. And if you don’t understand that, I don’t think you really understand anything about China,” said British scholar and political commentator Martin Jacques.

   Xi is leading China on a uniquely Chinese path to modernization, which analysts say, is creating a new model for human civilization.

   By 2035, China will have basically achieved modernization. This will mark the first time in human history that an entire population of over 1 billion people achieve modernization as a whole.

   By then, China’s per capita GDP will reach the level of moderately developed countries and the size of the middle-income group will be significantly expanded. China will be a global leader in innovation, and its carbon dioxide emissions will steadily decline after reaching the peak. China’s high-speed railway system, already the world’s largest, will almost be doubled in total length.

   China’s path to modernization is not only a source of pride for the Chinese people, but also offers a new option for nations who want to accelerate development while preserving their independence.

  The success story of China is also a story of the revival of socialism. More than 500 years after its birth, socialism has survived and thrived despite setbacks and the noise of naysayers, revitalized by the Chinese Communists in the new era.

   A new journey has begun. Xi will lead China to pursue national rejuvenation by following the uniquely Chinese path to modernization, and to continue striving for a shared future for humanity.

   “The journey ahead is long and arduous, but with determined steps, we will reach our destination,” Xi said.  (Xinhua)

CBN governor harps on free fall of the Naira

… To introduce new notes to discourage hoarding

The Central Bank Governor, Mr. Godwin Emefiele has lamented the unfortunate situations that have befallen Nigeria, the Nigerian currency and the country as a whole.

He said, as an institution charged with the responsibility of regulating the financial system of the country it could not fold its arms and watch the free fall of the Naira.

Mr. Emefiele who spoke in Abuja at a special media briefing said, as a mark of response, the bank is rolling out reconfigured naira notes which will be rolled out in December informing that the current notes will be completely phased out in 2023.

Read full text below:

Good afternoon Ladies and Gentlemen, and welcome to this special press briefing at the Central Bank of Nigeria. We have called this gathering to inform all our stakeholders and the general public of persisting concerns we currently face regarding the management of our existing series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.

  1. As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.
  2. In recent times, however, currency management has faced several daunting challenges that have continued to escalate in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.

These challenges primarily include:
▪ Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of currency in circulation are outside the vaults of commercial banks. To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public. Evidently, currency in circulation has more than doubled since 2015; rising fromN1.46 trillion in December 2015 to N3.23 trillion in September 2022. This is a worrisome trend that cannot be allowed to continue.
▪ Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;
▪ Increasing ease and risk of counterfeiting evidenced by several security reports.

  1. Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.
  2. Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, our existing series of the Naira has not been redesigned in the last 20 years.
  3. The Bank remains resolutely determined to achieve the objective of its mandate as contained in Section 2(b) of the CBN Act 2007 to ensure a strong and effective legal tender. It is therefore no longer tenable to continue with business as usual; especially given the continually evolving circumstances that could impinge the optimal performance of the Naira.
  4. Furthermore, we believe that the redesign of the currency will help deepen our drive to entrench cashless economy as it will be complemented by increased minting of our eNaira. This will further rein in the currency outside the banking system into the banking system thereby making monetary policy more efficatious.
  5. Also, in view of the prevailing level of security situation in the country, the CBN is convinced that the incidents of terrorism and kidnapping would be minimized as access to the large volume of money outside the banking system used as source of funds for ransom payments will begin to dry up.
  6. Ladies and gentlemen, on the basis of these trends, problems, and facts set out above, and in line with provisions of Sections 2(b), section 18(a) , and section 19, Subsections a and b of the CBN Act 2007, the Management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500, and N1,000 levels.
  7. In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022 after its launch by President Muhammadu Buhari. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be legal tender.
  8. Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these Banknotes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
  9. Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
  10. For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
  11. Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.
  12. We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
  13. I thank you for listening.

Godwin I. Emefiele
Governor

China’s FAST discovers largest atomic cloud in universe

By Wu Yuehui, People’s Daily

The “China Sky Eye,” also known as China’s Five-hundred-meter Aperture Spherical Radio Telescope (FAST), recently discovered the largest atomic cloud in the universe to date, which is roughly 2 million light-years wide.

Scientists found the cloud, which is 20 times larger than the Milky Way galaxy, by pointing the FAST in southwest China’s Guizhou province in the direction of a galaxy group called Stephan’s Quintet, which is about 290 million light-years away.

The finding was published in the international journal Nature on Oct. 19.

The observation of gas structures is a very important study in astrophysics, because stars in the universe are born from the accumulation of clouds of atomic gases.

The FAST is an excellent tool to find the interaction between galaxies as well as the origins of the gases between them, which have always been important topics in astronomy.

The FAST is the world’s largest single-dish and most sensitive radio telescope. It is able to detect faint radiation emitted by thin dispersed atomic gases that are far away from the centers of galaxies.

Since the telescope was put into use in September 2016, it has generated scientific outcomes in multiple fields, deepening mankind’s understanding of the universe.

On March. 31, 2021, the FAST officially opened to the world. Astronomers worldwide could submit their applications for observations. The observations by international users began four months later.

The discovery this time was accomplished by Xu Cong, a researcher from the National Astronomical Observatories of the Chinese Academy of Sciences, and an experienced international team led by him which consisted of top experts in infrared astronomy and radio astronomy.

The team applied for observations immediately after the FAST opened to the world.

Noise is inevitable in astronomical observations. For better performance, technicians worked to improve the FAST’s sensitivity and suppress the noise. The telescope reached its optimal state last October and found the thin gases around Stephan’s Quintet.

Cheng Cheng, a member of the team and a researcher from the National Astronomical Observatories, told People’s Daily that the observation took only around a month, with an exposure time totaling 22 hours.

“It was faster than our expectation,” Cheng said.

The latest discovery showed that a mammoth low-density gaseous structure existed in a relatively far location from the center of Stephan’s Quintet. It indicated that more massive low-density atomic gas structures could be hiding in the universe, Xu said.

However, the discovery challenges the current understanding of how such low-density hydrogen gas can survive ionization by the intergalactic ultraviolet background on such a long time scale, Xu added.

The FAST has opened a new window to research the origins of celestial objects in the universe. With the assistance of the FAST, Chinese scientists will join hands with the international scientific community for the exploration of the vast universe, and thus create a better future for mankind.

China sees accelerated development of express delivery sector in rural areas

By Xu Jiawei

Express delivery services now cover almost all townships and more than 80 percent of administrative villages in China, according to statistics recently issued by the State Post Bureau (SPB).

The expanded internet coverage has improved the penetration of express delivery services in rural areas and also helped farm produce grab a larger share in the urban market.

In recent years, new models have been tested across China to better introduce express delivery services to rural areas.

In Luotian county, in central China’s Hubei province, a rural logistics tech firm has been established to integrate resources and lower shipping fares for deliveries within the county. So far, the firm has set up 10 township-level and over 200 village-level service stations, which bring quality logistics services to villagers.

In Altay, northwest China’s Xinjiang Uygur autonomous region, has employed shuttle buses to ship express delivery parcels to rural residents, which makes deliveries faster and more convenient.

As the per capita disposable income of the Chinese people rises, rural residents in China have a stronger consumption ability, and the constantly improving rural logistics system is exactly releasing the huge consumption potential in rural areas.

According to SPB data, there were over 100 million packages delivered to rural areas on a daily basis in the first half of 2022.

“Commodities are coming to us faster after we have an express delivery service station in our village,” said a rural resident surnamed Tan in northwest China’s Ningxia Hui autonomous region.

According to him, online shopping was costly logistics-wise and the deliveries often took a long time in the past – there was no free shipping and it took him around a week to receive the commodities.

Now, with an express delivery service station in his village, some commodities he buys online can arrive in just a couple of days.

Apart from faster deliveries, the better-built rural logistics system also enables rural residents to buy more quality products without even stepping out of their houses.

“Our house was renovated this year, and we bought most of the furniture and appliances online,” said Zheng Zhihao, who lives in rural Shandong province in east China. He noted that there were more commodities on e-commerce platforms than in brick-and-mortar shops in the township, and the commodities were competitively priced online and could be delivered home.

Extending express delivery services to the countryside not only solves the “last kilometer” problem for rural consumption but also builds a solid first step for farm produce to hit the urban market.

Thanks to the better-built rural logistics system, more and more high-quality agricultural products are brought to urban consumers, which fosters a long-term and stable supply-demand relationship and significantly improves the income of farmers.

Fenghuang and Dade, two villages in Xichang, Liangshan Yi autonomous prefecture of southwest China’s Sichuan province, have planted over 4,000 mu (267 hectares) of grapes and pomegranates, respectively. They both ship hundreds of thousands of kilograms of fruit to a dozen  provinces across China through express delivery services, including Zhejiang and Guangdong.

“I have sold 32,000 orders of pomegranates this year on short video platform Douyin alone,” said Zheng Peng, a fruit farmer from Fenghuang village, adding that e-commerce and logistics services play a significant role in expanding sales channels of farm produce and improving fruit farmers’ income.

Besides, warehousing and cold-chain logistics services are also extending to the countryside, solving a series of problems that once constrained the large-scale development of rural e-commerce, such as poor food preservation and high transport losses.

China to foster a new relationship where man and nature can both prosper and live in harmony

By He Yin, People’s Daily
China has written a number of splendid stories in cooperation with its partners on the road to green development in the new era, making important contributions to promoting the global ecological progress.
With its rich experiences in combating desertification, the country has built a “green Great Wall” in Africa that enhances the ability of African countries to resist the southward movement of the Saharan margin.
Chinese enterprises have built a photovoltaic power station in Bahawalpur district, Punjab province of Pakistan, which significantly alleviates local power shortage with clean energy.
Besides, China’s new energy equipment and intelligent digital systems are employed in the Vientiane Saysettha Development Zone, Laos, to assist local low-carbon development.
China sees ecological progress as a priority in its overall development strategy, and has paved a positive path to development that ensures increased production, higher living standards, and healthy ecosystems. “Green” is more and more becoming a defining feature of China’s high-quality development.
Over the past 10 years, the country has seen a 34.4 percent drop in its carbon dioxide emission per unit of GDP, and the share of coal in its primary energy consumption has decreased from 68.5 percent to 56 percent.
Today, China ranks first in the world in terms of the development and utilization of renewable energy, as well as the production and sales of new energy vehicles.
With a forest coverage rate standing at 24.02 percent, the country has contributed a quarter of the world’s new forest area in the past decade.
Besides, China has launched the world’s largest carbon trading market.
China is firmly committed to putting multilateralism into action and promoting a fair and equitable system of global environmental governance for win-win cooperation.
It has raised a series of important initiatives and proposals on enhancing global environmental governance at multilateral meetings, including the Paris Conference on Climate Change(COP21), the Climate Ambition Summit, the Leaders Summit on Climate, the United Nations Summit on Biodiversity, and the Leaders’ Summit of the 15th Meeting of the Conference of the Parties to the Convention on Biological Diversity. These initiatives and proposals encourage parties relevant to safeguard multilateral consensuses, focus on practical cooperation and accelerate green transition, injecting confidence and impetus into the building of a clean and beautiful world.

China was the first to issue a national plan on the implementation of the 2030 Agenda for Sustainable Development. It comprehensively implements the United Nations Framework Convention on Climate Change and the Paris Agreement, and is the largest contributor to the core budget of the Convention on Biological Diversity and its protocols.
China strives to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. It is determined to make the biggest reduction in carbon emission intensity in the world and move from carbon peaking to carbon neutrality in the shortest time span in world history, which is hailed as a milestone in international environmental policy making.
Human beings share a common future in the face of the challenges presented by global climate change, and no country can make itself immune from the impact. As people in China often say, “It is more important to show people how to fish than just giving them fish.” China has actively helped developing countries improve their capability of green development.
To promote green transition of economic and social development for all parties relevant, China has set up a South-South cooperation fund on climate change and a Kunming Biodiversity Fund. It provides support for Pacific island countries in coping with climate change, incorporates green development in the “nine programs” it jointly develops with Africa, and lists climate change and green development as important areas of cooperation under the framework of the Global Development Initiative.
China has also made ecological cooperation a key part of Belt and Road cooperation. A number of green action initiatives have been launched, covering wide-ranging efforts in green infrastructure, green energy, green transport and green finance, to bring enduring benefits to the people of all Belt and Road partner countries.
The harmonious coexistence between human and nature is one of the features of Chinese modernization. On the new journey, China will accelerate the transformation for green development, advance prevention and control of environmental pollution, improve the diversity, stability and sustainability of ecological systems, and steadily march toward its carbon peak and neutrality goals, so as to build China into a beautiful country.
The country will also take up its lofty responsibility for the entire human civilization, to actively cope with climate change, build a community of life for man and nature, foster a new relationship where man and nature can both prosper and live in harmony, and make new contributions to building a clean and beautiful world.

China to make greater contributions to human progress

By He Yin, People’s Daily

The report delivered by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on behalf of the 19th CPC Central Committee, to the 20th CPC National Congress, is seen by the international community as sign of China keeping pursuing its dreams and win-win cooperation with the rest of the world.

It is believed that the 20th CPC National Congress not only is significant to China, but also places important impacts on the rest of the world.

Foreign media organizations reported that Chinese modernization will shed light on other countries, and the vision of building a community with a shared future for mankind, which has been once again highlighted in Xi’s report this time, is crucial to global development.

They said the congress offers important political guidance for China’s development on the country’s journey toward greater prosperity, and draws a new blueprint for a better future to be jointly created by the Chinese people and the people in the rest of the world.

The world has further recognized that China’s development is a great cause that advances human progress. Since socialism with Chinese characteristics has entered a new era in 2012, the cause of the Party and the country has scored historic achievements and gone through historic changes. The success jointly created by the CPC and the Chinese people has a far-reaching impact on the world.

From multiple perspectives, the international community analyzed China’s remarkable achievements made in the new era, to learn the country’s experiences in overcoming development challenges and realizing vitalization.

Foreign media organizations said that the CPC, with a responsible attitude, has led the country to achieve sustainable development, which demonstrates its political vision and wisdom. They believe socialism with Chinese characteristics and the Chinese governance system are a role model in seeking happiness for the people. Facts prove that, the cause of the CPC benefits not only the Chinese people, but also the world at large.

The Russian International Affairs Council said in an article published on its website that China’s economic miracle sets a good example for the countries that are still in search of their own development paths.

The global attention received by the congress indicated that the international community has further enhanced its confidence in China building itself into a modern socialist country in all respects.

China today is more than the country itself; it is very much a part of the world. The report delivered at the 20th CPC National Congress planed the development targets and major policies of the Party and the country in the next five years and even a longer period of time to come, and announced to advance the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization.

The international community said that the decisions made at the congress have displayed a clear vision for China’s next-phase development, and the CPC will keep leading the Chinese people to march forward along the path to happiness and the great rejuvenation of the Chinese nation. It is believed that China is more confident now in creating even bigger miracles.

China, on a new journey to build itself into a modern socialist country in all respects, is expected to create certainty and stability for the fast-changing world and expand the areas of mutually beneficial cooperation between itself and other countries.

The international community has further recognized China’s firm determination to build a community with a shared future for mankind.

Changes of the world, of our times and of history are unfolding today in ways like never before. The world has once again stood at a crossroads, with its future course dependent on the choices of people of all countries.

Stressing that the world is grappling with unprecedented challenges, Xi said the CPC has consistently called on the people of the world to grasp and shape the future and destiny of humanity.

“When all countries pursue the cause of common good, we can live in harmony, engage in cooperation for mutual benefit and join hands to create a brighter future for the world,” he added.

China is always committed to the purpose of its foreign policy of safeguarding world peace and promoting common development, and to building a community with a shared future for mankind, which fully mirrors the Party’s broad mind and sense of responsibility.

The international observers said the 20th CPC National Congress will guide China to keep safeguarding world peace and make the international order more just, and unite all progressive forces around the world to cope with major issues such as the wealth gap and climate change.

It is believed that the CPC will lead China toward another milestone and keep contributing to world peace, progress and prosperity. Building a community with a shared future for mankind is a greater vision that benefits the world with the Chinese Dream.

The CPC strives for both the wellbeing of the Chinese people and progress of the entire humankind. On the new journey ahead, the Party will keep expanding its global vision, obtain a keen understanding of the trends of human progress, and actively respond to the concerns of the people from all countries, so as to contribute to solving the common issues facing mankind. It will learn from all outstanding civilizations with a broad mind to build a better world.

China will steer the giant ship of its great rejuvenation, braving winds and waves, toward its destination. It will make even greater contributions to human progress.

China willing to work with the international community to promote equality, mutual learning, dialogue, and inclusiveness among civilizations

By He Yin, People’s Daily

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, stressed the significance of promoting exchanges and mutual learning in the report he delivered to the 20th CPC National Congress.

Stressing that human society faces unprecedented challenges, Xi called upon all countries to hold dear humanity’s shared values of peace, development, fairness, justice, democracy, and freedom, and promote mutual understanding and forge closer bonds with other peoples.

He urged closer communication and dialogue between different civilizations so as to increase mutual understanding and mutual recognition. “All countries should respect different countries’ and peoples’ exploration of their own development paths, remove civilization misunderstandings through cultural exchanges, avoid civilization clashes by learning from each other, and replace civilization supremacy with coexistence of civilizations”, he added.

Diversity is what defines our world and makes human civilization fascinating. All civilizations are rooted in their unique cultural environment. Each embodies the wisdom and vision of a country or nation, and each is valuable for being unique.

The attitude towards different civilizations concerns the progress of human civilization and the peaceful development of the world.

Since the 18th CPC National Congress in 2012, Xi has made a series of important proposals on exchanges and mutual learning to build a harmonious world and advance human progress.

He said China is willing to work with the international community to promote equality, mutual learning, dialogue, and inclusiveness among civilizations, which demonstrated the unique and charming wisdom of China and its broad-mindedness.

Having gone through over 5,000 years of vicissitudes, the Chinese civilization has always kept to its original root. As the unique cultural identity of the Chinese nation, it contains some most profound pursuits of the Chinese nation and provides it with abundant nourishment for existence and development.

China, in the new era, is experiencing the greatest and most unique practical innovation in human history.

The CPC has led the people in pioneering a uniquely Chinese path to modernization, creating a new model for human advancement. Besides, China, pursuing a better future shared by all people around the world, champions the common values of humanity and the vision of building a community with a shared future for mankind.

The country calls on the world to enhance exchanges and mutual learning, and strengthen popular support for jointly building a community with a shared future for mankind.

China believes countries need to respect each other and treat each other as equals, uphold the beauty of each civilization and the diversity of civilizations in the world, stay open and inclusive, draw on each other’s strengths, advance with the times and stress innovation-driven development.

International analysts commented that China, championing the peaceful coexistence of civilizations, has become a catalyst for global exchanges.

Though born on the soil of China, the Chinese civilization has come to its present form through constant exchanges and mutual learning with other civilizations.

China in the new era is always committed to promoting exchanges and mutual learning, injecting important impetus into the prosperity and development of cultural diversity.

The country held the Conference on Dialogue of Asian Civilizations, an important platform for exchanges and mutual learning among Asian countries and even in the global context.

It calls on the world to carry forward the Silk Road Spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit, to build the Belt and Road into a road connecting different civilizations.

China held the CPC in Dialogue with World Political Parties High-Level Meeting and the CPC and World Political Parties Summit, turning diversity and differences between countries into development momentum.

It also promotes the building of a community of cultural exchanges within the Shanghai Cooperation Organization framework, and upgrades BRICS cooperation under the three pillars of political and security, economic and financial, and cultural and people-to-people exchanges

These Chinese schemes aim to seek harmony and coexistence, expand the cultural connotation of international cooperation, and offer wisdom for mankind’s future development.

Klara Khafizova, Academician of the Kazakhstan Academy of Sciences and renowned sinologist noted that exchanges and mutual learning will become more frequent under the guidance of China, and people will get closer.

The world today is undergoing accelerating changes unseen in a century, and it has entered a new phase of uncertainty and transformation. The deficit in peace, development, security, and governance is growing. The world must promote exchanges and mutual learning, dispel estrangement, prejudice and hatred, spread the seeds for the idea of peace and foster a lush tree of common development, so as to keep the wheels of history rolling toward a bright future.

Each civilization is distinctive, and no one is superior to others, Those who fan up the ideas of “superiority of a civilization,” “clash of civilizations” or “conflicts between institutions” will never be supported. Countries need to be broad-minded and strive to remove all barriers to cultural exchanges, and be inclusive and always seek nourishment from other civilizations, so as to promote the common development of civilizations through exchanges and mutual learning and offer ceaseless impetus for coping with global challenges and promoting human progress.

China will open its arms wider to embrace the world and contribute the dynamic achievements of Chinese civilization to a better world in the future.

It will unswervingly promote exchanges and mutual learning between civilizations as a bridge of friendship, a driving force for human progress, and a bond for world peace, and write a new chapter of peaceful development of the world.

Artificial intelligence makes scientific studies smarter

By Yu Sinan, People’s Daily

The scale of China’s core artificial intelligence (AI) industry has exceeded 400 billion yuan ($55.2 billion), and the number of related enterprises stands at more than 3,000.

Thanks to the booming demand brought about by massive data processing, as well as the testing ground provided by large numbers of application scenarios, China is now a global leader in terms of computer vision and speech recognition.

The Ministry of Industry and Information Technology, together with other five relevant departments, recently issued a guidance on accelerating high-level AI applications to promote high-quality development. It aims to build major application scenarios and expand the application of AI technology, including conducting high-level scientific research.

Today, China is seeing rapid development in the AI sector, enjoying advantages in data acquisition, experiment prediction and result analysis. The AI technology has been employed in a number of disciplines such as life science, math, chemistry and space science.

The rich application scenarios are also in turn driving the development of AI technology, making industries more intelligent.

AI is widely employed in life science, especially protein structure prediction.

The structures of proteins are three-dimensional. The primary structure of a protein consists of a sequence of a chain of amino acids. The three-dimensional structure determines the functions of a protein in a cell. Many diseases derive from the abnormal structure of important proteins.

Therefore, only by drawing a “three-dimensional map” of important proteins can drug targets be located, which helps the development of effective medicines.

Traditionally, scientists observe protein structures through cryo-electron microscopy, X-ray and magnetic resonance imaging, which are time-consuming, expensive and difficult. That’s why successful observation cases through traditional methods are rare.

However, amino acid sequencing is much easier. Predicting protein structure from the primary structure of proteins is exactly what AI is good at.

As the amount of biological data has surged and AI technology has evolved over recent years, scientists have made prediction models more precise.

For instance, the AI program AlphaFold caused a sensation in December 2020, when it dominated a protein structure prediction contest – its predictions were on par with experimentally determined structures.

It is reported that researchers have predicted the structures of over 200 million proteins of around a million species through AI technology, almost all proteins that have been recorded by scientists.

These structures will have a huge impact on structural biology and may even trigger a paradigm change in life science studies and improve mankind’s understanding of life.

The demand of the bio-pharmaceutical industry is an important driving force that pushes the application of AI in life science studies. It is learned that the number of medicines developed per $1 billion of investment has been on a constant decrease. The development of new medicines is becoming more difficult and takes longer. New methods of bio-pharmaceutical development are needed, and the expectations are high for AI.

Earlier this year, the National Supercomputing Center of China in Chengdu, Sichuan province, offered theoretical basis for cultivating high-yielding and high-quality wheat through a protein prediction model.

Targeted treatment is another area where AI is employed. Through machine learning, AI is able to decode people’s immune systems and the complex immunity mechanisms of some diseases, thus helping people understand diseases and develop medicines and therapies in a more efficient and targeted manner.

Experts said that it’s necessary to give full play to China’s advantages in its rich application scenarios of AI to promote higher-level development of AI. Building major application scenarios centering on high-level scientific researches will promote better development of Chinese AI technology and better drive China’s high-quality development.